The Greek government is still scrambling to unlock billions of euros as part of a deal that would allow it to make debt repayments but would also require austerity measures and economic reforms that the new far-left government was elected to oppose.

At least one Greek minister is still hopeful of a deal by the time of the next Eurogroup meeting, when eurozone finance ministers gather June 18. After that, Athens has a bundle of payments to make to the IMF on June 30 and further massive ones in July to the European Central Bank.

Even if a deal is reached by June 18 (which now looks less likely), it may not be enough. Here's what Bank of America Merrill Lynch analyst Athanasios Vamvakidis said on Monday (emphasis ours):

Greece and its creditors will have to finalize the deal by the end of this week, the Greek parliament will have to approve the deal the following week, and the European parliaments will have to approve it during the last week of June (assuming away problems with the summer recess). Such a deal will have to include at least €5bn to repay the IMF by June 30 and the ECB bonds that mature on July 20 — to cover all IMF and ECB payments during the summer, Greece needs about €10bn.

We're now at the end of the week and are, if anything, further from a deal.

Though the hard deadline is still weeks away (and could be as late as July 20 according to some Greece-watchers), as BAML's Vamvakidis notes, a tentative agreement would take weeks of processing and back-and-forth. The later that comes, the more likely Athens simply runs out of cash before everyone signs off on the deal.

Peter Spiegel, Shawn Donnan, and Kerin Hope at the Financial Times report that a deal was all but agreed upon earlier this week, during the talks between Greek Prime Minister Alexis Tsipras and European Commission chief Jean-Claude Juncker.

After the four-hour session, Mr Juncker thought he had a deal: Mr Tsipras had accepted new budget surplus targets that were tougher than Athens had hoped but lower than the existing bailout programme ...

Members of Mr Tsipras's radical Syriza party angrily denounced the plan as soon as they caught wind of the details. Faced with a political firestorm back home in Athens, Mr Tsipras canceled a follow-on meeting with Mr Juncker and instead delivered a strident rejection of the plan before the Greek parliament, calling it "absurd" and containing "irrational, blackmailing demands."

If the FT is correct and Tsipras really is as beholden to his party as that version of events suggests, there could be massive issues ahead. Juncker has already said this was his "last attempt" — if Syriza can't bear whatever details it includes on pension reforms or other red-line issues, it may not get any compromises from now on.